Earnings release
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1 PRESS RELEASE Voluntary Disclosure on the First Nine Months of 2025 and Supplementary Information Pursuant to Art. 114 of Legislative Decree No. 58/98 €521 MILLION IN NEW ORDERS ACQUIRED SINCE THE BEGINNING OF THE YEAR, UP 15.7% COMPARED TO THE FIRST NINE MONTHS OF 2024 ORDER BACKLOG AT €677 MILLION AS AT THE END OF SEPTEMBER 2025 BUSINESS PERFORMANCE IN LINE WITH FORECASTS NET FINANCIAL POSITION AT €194.3 MILLION (€190.4 MILLION AS OF 30 JUNE 2025) THE COMPANY WILL NO LONGER BE SUBJECT TO THE OBLIGATION TO DISCLOSE THE SUPPLEMENTARY INFORMATION SHAREHOLDERS’ MEETING APPROVES THE APPOINTMENT OF DELOITTE & TOUCHE S.P.A. FOR THE NINE-YEAR PERIOD 2025–2033 AS STATUTORY AUDITOR Cesena, 13 November 2025 - The Board of Directors of Trevi – Finanziaria Industriale S.p.A. (“Trevifin” or the “ Company”), chaired by Antonio Maria Rinaldi, reviewed the Group’s performance for the first nine months of 2025. Business performance In the first nine months of 2025, the Trevi Group secured new orders of €5211 million. Thanks to these new acquisitions, at the end of 3Q25 the Group’s order backlog totalled €677 million. During the first nine months of 2025, the trend of Group’s new orders and backlog was therefore in line with 2025 forecasts. Trevi Division In the first nine months of 2025, the Trevi Division secured several projects of €439 million. The main orders acquired in the third quarter included: 1 Total orders acquired by the Trevi Group do not include intra-group orders between the Soilmec and Trevi Divisions.
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2 – Europe: Trevi S.p.A. was awarded the contract to carry out the stabilisation and support works required for the future reconstruction of the public and private buildings and infrastructure in the Marche village of Arquata del Tronto, hit by the 2016 earthquake. Trevi S.p.A. was also awarded the foundation works for the doubling of the Grassano - Bernalda railway line on the Potenza - Metaponto - Taranto route. – North America: Trevi's American subsidiary was awarded the contract for the Haverhill-Methuen project in Massachusetts. The project involves securing the bridges of Haverhill and Methuen by reconstructing several obsolete bridges from the 1960s along a 2.4 km stretch of I-495 in Methuen and Haverhill. – Middle East: In Dubai, Trevi’s local subsidiary was awarded the contract to expand the Mediclinic Parkview Hospital. Mediclinic Parkview Hospital opened in September 2018 as Mediclinic Middle East’s third hospital in Dubai and seventh in the United Arab Emirates. In addition, in Dubai, Trevi will undertake the foundation work for the new DIFC Heights Tower, an exclusive residential building situated in the city’s financial district. - In Saudi Arabia, Trevi secured the foundation works for the construction of the new, large-scale Golden Triangle Project complex. The project aims to build luxury mixed-use buildings, hotels, administrative offices, a cinema complex, and recreational areas. Soilmec Division During the first nine months of 2025, the Soilmec Division recorded an order intake of €96 million, representing a 0.6% increase compared to the same period in 2024. This growth was achieved despite a slowdown in sales in the United States, particularly in the first half of the year, driven by uncertainties surrounding the application of import duties as well as the criteria for their implementation. Sustainability The Company has become part of the select ed group of Top ESG companies in the fifth edition of the 2025 Sustainability Award, promoted by the Koon Group and Elite of Borsa Italiana. Specifically, Trevifin was selected in the Top Integrated Finance section. Main significant events occurring after September 30, 2025 - On 10 November 2025, the Company collected the final instalment of €3 .0 million from Meil Global Holdings B.V. – for a total of €11.0 million – pursuant to a judgment by which the Court of Bologna had ordered it, jointly and severally with its parent company Megha Engineering and Infrastructure Limited, to pay Trevifin €10 .6 million (€10.0 million of which as principal and €0.6 million as interests) plus default interest s and costs, in connection with a loan agreement entered into alongside the sale of the Oil & Gas Division completed in March 2020 - On 12 November 2025, Statista, a leading German company in research and statistics, announced that the Trevi Group was selected among the “Growth Leaders 2026”. The survey included a list of 500 Italian companies that over the past three years, have stood out for a higher growth rate. - On November 12, 2025, Consob has informed the Company “of the revocation of the obligation to disclose supplementary information pursuant to Article 114, paragraph 5 of Legislative Decree No. 58/1998 (TUF), effective after the publication of the periodic disclosure as of September 30, 2025.”
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3 - Today, under the chairmanship of Prof. Antonio Maria Rinaldi and in second call, the Company’s Ordinary Shareholders’ Meeting was held, which, upon the reasoned proposal of the Board of Statutory Auditors, approved: • the appointment for the nine -year period 2025 –2033 of Deloitte & Touche S.p.A. for the statutory audit of the accounts as well as the audit of the Consolidated Sustainability Report, setting the fee due to the auditing firm for the nine-year period at Euro 2,020,651; • the granting to the Board of Directors, with express power of sub -delegation, of the broadest powers, in compliance with legal provisions, for the full execution of the aforementioned resolution, with any and all powers necessary and appropriate for this purpose, none excluded or excepted, including the power to make any non -substantial changes to the resolutions that may be deemed necessary and/or appropriate for registration in the Companies Register and/or in relation to any indications from the Supervisory Authorities. 2025 outlook As of the date of this press release , and based on the information currently available, the Company confirms the guidance regarding the main economic and financial results, as already communicated on August 7, 2025, at the time of the approval of the interim management report. The press release is available on the Trevifin website at the following link: https://trevifin.com/wp- content/uploads/2025/08/Gruppo-Trevi_-Comunicato-Primo-Semestre-2025_-7_agosto_2025_Ita- 1.pdf. The Company also confirms that business performance in October continued to be positive and in line with the 2025 forecasts. *** Supplementary disclosure requirements pursuant to Article 114 of Legislative Decree No. 58/98 (on a quarterly basis) As requested by CONSOB on 10 December 2018, pursuant to Article 114 of Legislative Decree No. 58/98 (the Consolidated Law on Finance), the Company provides the following information updated as of 30 September 2025. A) Net Financial Position of Trevifin and the Trevi Group, showing short - and medium/long- term components The Net Financial Position of Trevifin amounted to €120.2 million. Description (€ thousands) 30/09/2025 30/06/2025 Changes A Cash and cash equivalents 5,406 18,816 (13,410) B Cash equivalents 0 0 0 C Other current financial assets 74,733 79,078 (4,345) D Liquidity (A + B + C) 80,139 97,894 (17,755) E Current financial liabilities (including debt instruments) 40,506 51,667 (11,161) F Current portion of non-current financial liabilities 6,563 6,357 206 G Current financial liabilities (E + F) 47,069 58,024 (10,955) H Net current financial position (G − D) (33,070) (39,870) 6,800 I Non-current financial liabilities 103,296 100,650 2,646
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4 J Debt instruments 50,000 50,000 0 K Trade and other non-current payables 0 0 0 L Non-current financial position (I + J + K) 153,296 150,650 2,646 M Total net financial position (H + L) (ref. CONSOB Notice No. 5/21 of 29 April 2021) 120,226 110,780 9,446 The changes in financial liability exposures from the end of June 2025 to the end of September 2025 are mainly attributable to the following factors: – cash flows generated by operating activities, consisting of receipts from Group companies and payments to suppliers; – cash flows arising from financing transactions with Group companies; – application of IFRS 9 to rescheduled financial liabilities, with a negative effect of approximately €1.8 million (the overall impact of IFRS 9 on financial liabilities as of 30 September 2025 is a positive €9.9 million). The Net Financial Position in the Company’s separate financial statements as of 30 June 2025 and 30 September 2025 includes the partial impairment of intercompany financial receivables; this effect has no impact on the Consolidated Net Financial Position. The Trevi Group’s Net Financial Position amounts to €194.3 million. Description (€ thousands) 30/09/2025 30/06/2025 Changes A Cash and cash equivalents 94,911 93,324 1,587 B Cash equivalents 4,646 4,119 527 C Other current financial assets 4,899 12,816 (7,917) D Liquidity (A + B + C) 104,456 110,259 (5,803) E Current financial liabilities (including debt instruments) 37,891 44,012 (6,122) F Current portion of non-current financial liabilities 25,256 25,547 (292) G Current financial liabilities (E + F) 63,146 69,559 (6,413) H Net current financial position (G − D) (41,310) (40,700) (610) I Non-current financial liabilities 185,560 181,110 4,450 J Debt instruments 50,000 50,000 0 K Trade and other non-current payables 0 0 0 L Non-current financial position (I + J + K) 235,560 231,110 4,450 M Total net financial position (H + L) (ref. CONSOB Notice No. 5/21 of 29 April 2021) 194,250 190,410 3,840 The main changes in total financial liabilities from the end of June 2025 to the end of September 2025 are primarily attributable to the following factors: – an increase in cash and cash equivalents of approximately €2.1 million; – a decrease in financial liabilities of €1.9 million. This change reflects the accounting impact of IFRS 9 on rescheduled liabilities, increasing liabilities by approximately €2.7 million (the overall residual IFRS 9 effect remains positive by €14.2 million ); an increase of approximately €2.1 million due to accrued finance charges; a reduction of approximately €1
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5 million in financial liabilities with leasing companies; and a decrease of approximately €5.6 million linked to lower utilisation of short-term commercial bank facilities. B) Overdue liabilities of the Company and the Trevi Group, broken down by type (financial, trade, tax, social -security and employee liabilities), and any related creditor actions (reminders, injunctions, suspension of supplies, etc.). 30/09/2025 30/09/2025 Description (€ thousands) Trevifin Trevi Group Financial liabilities Trade payables 2,423 47,863 Tax payables - - Payables to social security institutions - - Payables to employees - - Total overdue liabilities 2,223 47,863 As of 30 September 2025 , there were no payment demands or injunctions in respect of overdue payables for either Trevifin or the Trevi Group, and no shortages in procurement or supply were reported. C) Main changes in related-party transactions of the Company and the Trevi Group since the last annual or half -year financial report approved pursuant to Article 154 -ter of the Consolidated Law on Finance As of 30 September 2024, Trevifin primarily had financial and commercial relationships with its subsidiaries, Trevi S.p.A. (“Trevi”) and Soilmec S.p.A. (“Soilmec”). Balance sheet relationships 30/09/2025 Description (€ thousands) Financial receivables Financial liabilities Trade receivables Trade payables Trevi S.p.A. 36,082 - 8,044 88 Soilmec S.p.A. 36,693 - 2,520 2,242 Other 382 40,342 22,046 4,712 TOTAL 73,157 40,342 32,610 7,042 30/06/2025 Description (€ thousands) Financial receivables Financial liabilities Trade receivables Trade payables Trevi S.p.A. 32,082 - 5,903 483 Soilmec S.p.A. 37,036 2,408 2,269 Other 382 51,405 20,243 4,254 TOTAL 69,501 51,405 28,555 7,006 Income statement relationships 9M 2025
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6 Description (€ thousands) Revenues Cost of goods and services Financial income Financial expenses Trevi S.p.A. 4,111 130 1,019 - Soilmec S.p.A. 946 299 1,414 - Other 6,466 299 - 1,091 TOTAL 11,523 729 2,433 1,091 6M 2025 Description (€ thousands) Revenues Cost of goods and services Financial income Financial expenses Trevi S.p.A. 2,587 87 663 - Soilmec S.p.A. 1,063 213 985 - Other 4,392 182 - 627 TOTAL 8,042 482 1,648 627 As of 30 September 2025, the Trevi Group primarily maintained commercial relationships with certain affiliated companies. Balance sheet relationships Financial receivables (€ thousands) 30/09/2025 30/06/2025 Pescara Park S.r.l. 646 646 Overturning S.c.a.r.l 2,289 55 Bologna Park S.r.l. 322 297 TOTAL 3,257 997 Trade receivables (€ thousands) 30/09/2025 30/06/2025 Port of Messina S.c.a.r.l. 556 556 Nuova Darsena S.c.a.r.l. 149 149 Trevi S.G.F. Inc. (Naples) 1,884 1,894 TCM - Limited Liability Consortium Company 5,155 4,619 Overturning S.C.A.R.L. 2 3 Other (5) (5) TOTAL 7,740 7,215 Trade payables (€ thousands) 30/09/2025 30/06/2025 TCM - Limited Liability Consortium Company 6,207.5 4,787 Overturning S.c.a.r.l. 2,614.1 3,212 Porto Messina S.c.a.r.l. 781.8 821 Trevi SGF INC S.c.a.r.l. 194.0 204 Other 138.8 128 TOTAL 9,936 9,152 Income statement relationships Revenues (€ thousands) 9M 2025 6M 2025 TCM - Limited Liability Consortium Company 609 65
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7 Other 12 0 TOTAL 622 65 Operating costs (€ thousands) 9M 2025 6M 2025 Overturning S.c.a.r.l. 2,703 3,131 TCM - Limited Liability Consortium Company 4,519 2,021 Other 22 22 TOTAL 7,244 5,175 Financial income (€ thousands) 9M 2025 6M 2025 Bologna Park S.r.L. 9 0 Other 0 0 TOTAL 9 0 Pursuant to Article 154 -bis (2) of the Consolidated Law on Finance, Vincenzo Auciello, as Chief Financial Officer responsible for the preparation of corporate accounting documents, declares that the financial information contained in this press release corresponds to the company’s records, books, and accounts. *** About the Trevi Group: The Trevi Group is a world leader in comprehensive ground engineering (special foundations, soil consolidation, remediation of polluted sites) and in the design and marketing of specialised technologies for the sector. Founded in Cesena in 1957, the Group comprises around 65 companies and, together with dealers and distributors, operates in 90 countries. The Group’s success stems from its international outlook and from the continuous integration and synergy between its two divisions: Trevi, which carries out special foundation and soil -consolidation work for large -scale infrastructure projects (subways, dams, ports and quays, bridges, railway and motorway lines, industrial and civil buildings); and Soilmec, which designs, manufactures and markets machinery, equipment and services for underground engineering. The parent company, Trevi -Finanziaria Industriale S.p.A., has been listed on the Milan Stock Exchange since July 1999 and is part of the Euronext Milan stock exchange (listed as TFIN). For further information: Investor Relations: Vincenzo Auciello - e-mail: investorrelations@trevifin.com Group Communications Office: Franco Cicognani - e-mail: fcicognani@trevifin.com Press Office: Aures - Communication Strategies and Policies Federico Unnia - T. +39 335 703 2646 - federico.unnia@auresconsulting.it